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The aim of this paper is to document the effect of analyst coverage on the ex ante probability of stock price crash and the ex ante probability stock price jump.

This paper uses the data of non-financial firms from France to test the arguments presented in this paper during the period between 1997 and 2019. The paper also uses flexible quadrants copulas to compute the ex ante probabilities of crashes and jumps.

The results show that the extent of analyst coverage is positively associated with the ex ante probability of crash and negatively associated with the ex ante probability of jump. The results remain qualitatively the same after several sensitivity checks. The results also show that the relationship between the extent of analyst coverage and the probability of cash and the probability of jump holds when ex post probability of stock price crash and stock price jump is used.

Unlike most of the earlier papers on this topic, this paper uses the ex ante probability of crash and jump. This proxy is better suited than the ones used in the prior literature because it is a forward-looking measure.

This study aims to examine the risk-resistant role of environmental, social and governance (ESG) performance in the capital market, focusing on an organizational standpoint. Furthermore, it aims to offer management decision advice to companies seeking protection against stock market risks. Conclusions obtained through this research have the potential to enrich the economic consequences of ESG performance, provide practical implications for enhancing corporate ESG performance, improving corporate information quality and stabilizing capital market development.

Based on the data of Chinese A-share listed companies from 2009 to 2020, this study examines the risk-resistant function of ESG performance in the capital market. The impact of ESG performance on management behavior is analyzed from the perspective of organizational management and the three mechanisms of pre-event, during the event and post-event.

This paper demonstrates that companies that effectively implement ESG practices are capable of effectively mitigating risks associated with stock price crashes. Heterogeneity analysis reveals that the inhibitory effect of ESG performance on stock price crash risk is more pronounced in nonstate-owned enterprises and enterprises with higher levels of marketization. After controlling for issues such as endogeneity, the conclusions of this paper are still valid. The mechanism analysis indicates that ESG performance reduces the risk of stock price crash through three paths of organizational management: pre-event, during the event and post-event. That is, ESG performance plays the role of restraining managers’ opportunistic behavior, reducing information asymmetry and boosting investor sentiment.

This paper provides new insights into the relationship between ESG performance and stock price crash risk from an organizational management perspective. This study establishes three impact mechanisms (governance effect, information effect and insurance effect), offering a theoretical basis for strategic corporate decisions of risk management. Additionally, it comprehensively examines the contextual differences in the role of ESG performance, shedding light on the specific domains where ESG practices are influential. These findings offer valuable insights for promoting stable development in the capital market and fostering the healthy growth of the real economy.

This study aims to examine the correlation between the readability of financial statements and the likelihood of future stock price crashes in nonfinancial companies listed on the Egyptian Stock Exchange. It further explores the possible moderating effect of audit quality on this relationship.

The study uses ordinary least squares regression, generalized least squares estimation and two-stage least squares methodology to examine and validate the research hypotheses. The sample comprises 107 nonfinancial companies registered on the Egyptian Stock Exchange from 2016 to 2019.

The results reveal a significant negative association between the readability of financial statements and stock price crash risk. This suggests that companies with more complex financial statements tend to experience higher future crash risks. Additionally, the study identifies audit quality as a significant moderating factor. Higher audit quality, often indicated by engagements with Big-4 audit firms, strengthens the influence of financial statements readability on stock price crash risk. This implies that while high audit quality enhances investor confidence and market stability, it also accentuates the negative consequences of complex financial statements.

The findings of this paper have significant implications for regulators and standard-setting bodies in Egypt. They should consider refining and revising existing standards to emphasize the importance of enhancing the readability of financial reports. Additionally, auditing firms should actively engage in efforts to ensure clearer and more transparent financial reporting. These actions are vital for boosting investor confidence, strengthening Egypt’s capital market and mitigating potential risks associated with information opacity and complexity.

This study represents a pioneering endeavor within the Arab and Egyptian financial environments. To the best of the author’s knowledge, it is the first examination of the association between the readability of financial statements and stock price crash risk in these contexts. Furthermore, it explores factors such as audit quality that may influence this connection.

Despite the widespread prevalence of share pledging by Indian promoters, this area remains out of the researchers’ purview. This study aims to bridge this research gap by delineating the impact of promoter share pledging on future stock price crash risk and financial performance in India.

A sample of 257 companies listed on the Standard and Poor’s Bombay Stock Exchange 500 (S&P BSE 500) Index has been analysed using panel (fixed-effects) data regression methodology over 2011–2020. Further, alternative proxies for crash risk and financial performance are adopted to ensure that the study’s initial findings are robust. Finally, the instrumental variable with the two-stage least squares (IV-2SLS) method has also been employed to alleviate endogeneity concerns.

The results suggest a significantly positive relationship between promoter share pledging and future stock price crash risk in India. Conversely, this association is significantly negative for future financial performance. Moreover, the results hold, even after including alternative proxies of stock price crash risk and financial performance and addressing endogeneity concerns.

Owing to the sizeable equity shareholdings of the promoters, share pledging has remained a lucrative source of finance in India. Despite the popularity, the findings of this study question the relevance of share pledging by Indian promoters considering its impact on aggravating future stock price crash risk and deteriorating future financial performance.

This study examines the impact of debt maturity structure on stock price crash risk (SPCR) in Asian economies and the moderating effect of firm age on this relationship.

The study utilized annual data from 432 nonfinancial firms publicly listed in six Asian countries: China, Hong Kong, Japan, Singapore, Pakistan and India. The observation period covers 14 years, from 2007 to 2020. The sample was categorized into three groups: the entire sample and one group each for developing and developed Asian economies. A generalized least squares panel regression method was employed to test the research hypotheses.

The results suggest that long-term debt has a significant negative influence on SPCR in Asian economies, indicating that firms with high long-term debt experience lower future SPCR. Moreover, firm age negatively moderates this relationship, implying that older firms may experience a more pronounced reduction in SPCR due to high long-term debt. Finally, firms in developed Asian economies with high long-term debt are more effective in mitigating the risk of a significant drop in their stock prices than firms in developing Asian economies.

This study contributes to the literature in several ways. To the best of the researcher’s knowledge, this is the first of such efforts to investigate the relationship between debt maturity structure and crash risk in Asia. Additionally, it reveals that long-term debt influences SPCR directly and indirectly in Asia through the moderating role of firm age. Lastly, it is likely one of the first studies by a research team in Asia to compare the nonfinancial markets of developed and developing Asian countries.

The paper's purpose is to investigate the effects of digital finance on the risk of stock price crashes and the underlying transmission mechanisms, and to provide suggestions to inhibit the stock crash risk (CR).

This paper selects all companies that were listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2011 to 2020. It then uses the two-way fixed effect model and the intermediary effect model to verify such effects.

The overall outcomes demonstrate such a result that the CR of listed companies in China can be significantly reduced by the development of digital finance, and the overall transparency of business financial information and the equity pledge of controlling shareholders are the two underlying transmission mechanisms that digital finance can cause effects on the CR of stocks.

The main limitations are that there may exist some problems in the method for evaluating the CR of stocks. And there may be a problem of endogeneity caused by the empirical model cannot control all correlation variables.

This paper would provide policy implications, for different roles, to inhibit the stock CR and to make the development of the economy more stabilize.

Digital finance can promote economic development while restraining financial risks at the same time. Therefore, although this study is based on the relevant data from China, it can also provide a reference for other economies with different basic conditions from China, to promote the overall development of the world economy.

The current academic research on digital finance or stock price CR has been relatively sufficient, but there are few papers that combined both. By combining digital finance with stock CR, this paper researches the influence of digital finance on the CR of stocks through empirical analysis. So, this paper would provide new research ideas and evidence for potential influence factors of the CR of stocks, fill the gap in this research field and provide certain help for subsequent scholars to conduct relevant research.

Reducing and eradicating global poverty features as a primary objective of the sustainable development goals (SDGs) for 2030. Since over half a century, the World Bank has disbursed loans amounting to billions of US dollars to assist countries to alleviate poverty. However, the path to zero poverty is often impaired with conflicts, social unrest and, most commonly, economic crisis. In this chapter, we examine the inter-linkage between various forms of economic crises, poverty and government expenditure for a set of 127 countries from 1985 to 2010. Using a simultaneous equation model, we test the direct effect of a financial crisis on the incidence of poverty and its indirect effect through the immediate decrease in government expenditure. Contrary to previous studies, our findings suggest that crises have no direct impact on poverty. We find a similar effect for currency, inflation and debt crisis. However, there is evidence that poverty increases indirectly due to a fall in government expenditure. Our results are robust for non-advanced and advanced economies and alternate estimation technique using factor analysis.

This study examines herd behavior in the cryptocurrency market at the aggregate level and the determinants of herd behavior, such as asymmetric market returns, the coronavirus disease 2019 (COVID-19) pandemic, 2021 cryptocurrency's bear market and the network effect.

The authors applied the Google Search Volume Index (GSVI) as a proxy for the network effect. Since investors who are interested in a particular issue have a common interest, they tend to perform searches using the same keywords in Google and are on the same network. The authors also investigated the daily returns of cryptocurrencies, which are in the top 100 market capitalizations from 2017 to 2022. The authors also examine the association between return dispersion and portfolio return based on aggregate market herding model and employ interactions between herding determinants such as, market direction, market trend, COVID-19 and network effect.

The empirical results indicate that herding behavior in the cryptocurrency market is significantly captured when the market returns of cryptocurrency tend to decline and when the network effect of investors tends to expand (e.g. such as during the COVID-19 pandemic or 2021 Bitcoin crash). However, the results confirm anti-herd behavior in cryptocurrency during the COVID-19 pandemic or 2021 Bitcoin crash, regardless of the network effect.

These findings help investors in the cryptocurrency market make more rational decisions based on their determinants since cryptocurrency is an alternative investment for investors' asset allocation. As imitating trades lead to return comovement, herd behavior in the cryptocurrency has a direct impact on the effectiveness of portfolio diversification. Hence, market participants or investors should consider herd behavior and its underlying factors to fully maximize the benefits of asset allocation, especially during the period of market uncertainty.

Most previous studies have focused on herd behavior in the stock market. Although some researchers have recently begun studying herd behavior in the cryptocurrency market, the empirical results are inconclusive due to an incorrectly specified model or unclear determinants.

Using sentiment analysis (SA), this study aims to examine the impact of COVID-19 on mental health and virtual learning experiences among 1,125 students at a public Argentinean faculty.

A study was conducted during the COVID-19 pandemic, surveying 1,125 students to gather their opinions. The survey data was analysed using text mining tools and SA. SA was used to extract the students’ emotions, views and feelings computationally and identify co-occurrences and patterns in related words. The study also examines educational policies implemented after the pandemic.

The prevalent emotions expressed in the comments were trust, sadness, anticipation and fear. A combination of trust and fear resulted in submission. Negative comments often included the words “virtual”, “virtual classroom”, “virtual classes” and “professor”. Two significant issues were identified: teachers’ inexperience with virtual classes and inadequate server infrastructure, leading to frequent crashes. The most effective educational policies addressed vital issues related to the “virtual classroom”.

Text mining and SA are valuable tools for decision-making during uncertain times, such as the COVID-19 pandemic. They can also provide insights to recover quality assurance processes at universities impacted by health concerns or external shocks.

The paper makes two main contributions: it conducts a SA to gain insights from comments and analyses the relationship between emotions and sentiments to identify optimal educational policies. The study pioneers exploring the link between emotions, policies and the pandemic at a public university in Argentina. This area of research still needs to be explored.

This paper aims to design a hybrid model of knowledge-based performance management system (KBPMS) for facilitating Lean Six-Sigma (L6s) application to increase contractor productivity without compromising human safety in Indonesian upstream oil field operations that manage ageing and life extension (ALE) facilities.

The research design applies a pragmatic paradigm by employing action research strategy with qualitative-quantitative methodology involving 385 of 1,533 workers. The KBPMS-L6s conceptual framework is developed and enriched with the Analytical Hierarchy Process (AHP) to prioritize fit-for-purpose Key Performance Indicators. The application of L6s with Human Performance Modes analysis is used to provide a statistical baseline approach for pre-assessment of the contractor’s organizational capabilities. A comprehensive literature review is given for the main pillars of the contextual framework.

The KBPMS-L6s concept has given an improved hierarchy for strategic and operational levels to achieve a performance benchmark to manage ALE facilities in Indonesian upstream oil field operations. To increase quality management practices in managing ALE facilities, the L6s application requires an assessment of the organizational capability of contractors and an analysis of Human Performance Modes (HPM) to identify levels of construction workers’ productivity based on human competency and safety awareness that have never been done in this field.

The action research will only focus on the contractors’ productivity and safety performances that are managed by infrastructure maintenance programs for managing integrity of ALE facilities in Indonesian upstream of oil field operations. Future research could go toward validating this approach in other sectors.

This paper discusses the implications of developing the hybrid KBPMS- L6s enriched with AHP methodology and the application of HPM analysis to achieve a 14% reduction in inefficient working time, a 28% reduction in supervision costs, a 15% reduction in schedule completion delays, and a 78% reduction in safety incident rates of Total Recordable Incident Rate (TRIR), Days Away Restricted or Job Transfer (DART) and Motor Vehicle Crash (MVC), as evidence of achieving fit-for-purpose KPIs with safer, better, faster, and at lower costs.

This paper does not discuss social implications

This paper successfully demonstrates a novel use of Knowledge-Based system with the integration AHP and HPM analysis to develop a hybrid KBPMS-L6s concept that successfully increases contractor productivity without compromising human safety performance while implementing ALE facility infrastructure maintenance program in upstream oil field operations.